Tag: tim cook

Apple CEO Tim Cook takes a 40 percent pay cut for 2023

While we work our way in our mundane shifts to make a survivable income, tech giants around the world pay millions of dollars to their top hires. Be it Sundar Pichai or Tim Cook, the big tech players of the globe take home a fat slack of salaries. While the current atmosphere on social media has been anti-capitalist with a huge outcry over unfair wealth distribution, we all know the 1% is going to be there not just surviving but striving. But 2022 was different, we saw many tech giants around the world having to let go of their staff amidst uncertain economic situations and plummeting stock prices. it looks like the price cuts have now finally made their way to the higher end of the chain as Apple CEO Tim Cook is all set to receive a major pay cut for 2023.

Tim Cook Pay Cut

As per a new regulatory filing, Apple CEO Tim Cook will receive a salary of $49 million in 2023. This would mark a 40% drop from Cook’s previously drawn salary of $84 million in 2022.

The changes to Cook’s salary are entirely from adjustments made to his equity award value. In 2022, the Apple CEO’s equity award was estimated to be worth $75 million which will now be dropped to $40 million. However, his base salary of $3 million and the annual cash incentive of $6 million will remain intact. But why would an ultra-successful company like Apple need to make pay cuts for its celebrated CEO anyways?

Apple has continued its winning strike in the tech market, however, its market cap has dropped $1 trillion from its peak a year ago while the company continues to face production challenges with its flagship seller, the iPhone. While it’s uncertain whether Apple will continue to face these challenges, a pay cut for Tim Cook surely hints at the changing landscape of the company.

Apple CEO Tim Cook shares Diwali greetings with iPhone photo

India and Indians around the world are currently celebrating the festival of lights; Diwali. On the occasion, Apple CEO Tim Cook took to his social media and shared Diwali greetings to everyone celebrating. The Apple CEO wrote, “This photo beautifully captures why Diwali is known as the Festival of Lights. Wishing all who celebrate a holiday full of joy and prosperity. #ShotoniPhone by Apeksha Maker.” on Twitter along with a beautiful photo of diyas. Check out Tim Cook’s Diwali greetings below –

Tim Cook shares Diwali greetings

For the unversed, this won’t be the first time Tim Cook has shared Diwali greetings for his fans around the world. The CEO of the tech giant has been sharing the festive spirit with Indian spirits for years now. One thing to note this year-round is that Tim did not share which iPhone was this photo clicked on. One can simply assume that it was shot on the iPhone 14 Pro Max as it is the latest premium offering from Apple. For his 2022 Diwali tweet, Tim Cook chose a photo clicked by Apeksha Maker who is based out of Mumbai. She is the co-founder of the ‘The House of Pixels’ company studio. A quick glance at her Instagram profile reveals that she has shot pictures on various generations of the iPhone with her recent being from the iPhone 14 Pro Max. Check out Tim Cook’s Diwali wishes through the years below –

 

Apple To Require Masks In Stores In US Regardless Of Vaccination Status

Apple will now require staff and customers, both vaccinated and unvaccinated, to wear masks at most of its US stores. According to a Bloomberg report, they are bringing back the company’s requirement previously removed in June. The rule will be put into effect from this Thursday. 

On Wednesday, Apple headquarters in California informed all the visitors to wear masks indoors irrespective of their vaccination status as the risk of the delta virus upends. 

In a memo obtained by Bloomberg, Apple informed,

“After carefully reviewing the latest CDC recommendations, and analyzing the health and safety data for your local area, we are updating our guidance on face masks for your store.”

It further added,

“Starting July 29, face masks will be required in store for customers and team members — even if they’re vaccinated.”

Apple has maintained a reputation during the Covid-19 pandemic for making decisions about where it is deemed safe to operate its retail stores, sometimes even ahead of public health orders. 

While in talks with CNBC, Apple CEO Tim Cook said that the company could push back its plan to call workers from September to October.

“We are monitoring things daily to really conclude whether that is the right answer or not,” Cook said.

The move comes after COVID-19 cases start to rise in most parts of the country and when the Centre for Disease Control and Prevention (CDC) advised people who are already vaccinated to wear masks indoors in public ‘if you are in the area of high transmission.”

As far as sales are concerned, Apple has continued to top the charts. According to Cook, sales rose 36% on an annual basis when the quarter ended in June.

In a similar response, Google has also said that it would require all the employees to be vaccinated before returning to the office. The company also delayed its return to the physical office from September to October 18.

 

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